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- Title
The Impact of Product Knowledge and Quality of Care on Long-term Care Insurance Demand: Evidence from the HRS.
- Authors
Lumby, Jacob; Browning, Christopher; Finke, Michael S.
- Abstract
Using a unique module in the Health and Retirement Study (HRS), this paper considers three important factors that may influence consumer demand for long-term care insurance (LTCI): preference for high quality care, potential costs, and knowledge. In addition, this paper proposes a new method for examining insurance demand. Only those individuals who are considering purchasing LTCI in the near future (who don't currently own a LTCI policy) are included in the analysis. By focusing on this group, this paper attempts to determine the factors that are most relevant to the LTCI purchase decision when the consumer is most heavily considering it. Our findings imply that consumers deeply care about the provision for high quality long-term care, and suggest that widespread informational deficiencies currently suppress the demand for private long-term care insurance.
- Subjects
LONG-term care insurance; CONSUMER expertise; CONSUMER behavior; ELDER care; MEDICAL care costs
- Publication
Journal of Personal Finance, 2017, Vol 16, Issue 2, p48
- ISSN
1540-6717
- Publication type
Article